Cedar Woods buys site near Adelaide CBD for $25.8M

Company News

by David Chau

The South Australian government has approved the conditional sale of a 16.5 hectare site to property developer, Cedar Woods Properties Ltd (ASX:CWP).

This land is in Glenside, 2 km away from the Adelaide CBD, and the purchase price is $25.8 million plus GST.

Cedar Woods says the sale of this land is subject to some conditions, such as the outcome of rezoning, which is currently out for public consultation.  The property development company expects rezoning to be finished later this year, and settlement to occur early next year.

The company also says, to fund this acquisition, its financiers have increased its corporate finance facility from $135 million to $175 million.

Cedar Woods reported a net profit of $18.1 million at 31 December 2015.

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